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Compensation & Benefits

When compensation makes news, expect workers to demand higher pay

Two remarkable events that took place in August may signal an accelerating trend: Employers should prepare to offer higher pay if they want to retain workers.

77% of employers report greater employee need for mental-health care

An increase in mental-health challenges was cited as the most significant area of prolonged impact resulting from the pandemic. Last year, 44% of employers saw a rise in mental-health concerns, while 77% of employers reported an increase this year, with another 16% anticipating one in the future.

DOL rule would raise OT salary threshold to $55,068

The Biden administration on Aug. 30 proposed a new rule increasing the white-collar overtime salary threshold to $55,068, a 55% increase over the current threshold of $35,568. Practical impact: Exempt administrative, executive and professional employees who earn less than $55,068 per year ($1,059 per week) must receive overtime pay if they work more than 40 hours in a workweek.

Employers plan for 7% rise in health-care costs next year

Higher utilization due to chronic health conditions will be the primary cost driver for 22% of employers surveyed.

Retain older workers with tailored benefits

Now that the post-COVID economy has stabilized and the stock market is climbing again, some older workers who stuck with you throughout the pandemic may be considering quitting to pursue other interests. But if they do, you will be at risk of losing the benefit of their on-the-job experience, their investment in your organization’s culture and their institutional knowledge of how you get work done.

Health insurance red tape, claims denials and confusion cause care delays

Most people with health insurance—58%—say they encountered at least one problem using their coverage in the past year, according to a Kaiser Family Foundation survey of consumer experiences with health insurance.

Using tip credit to pay employees? Follow DOL’s 80/20 rule

How should you pay employees who receive tips but also perform other non-tipped work? That’s where the Department of Labor’s 80/20 tip-credit rule comes into play.

Open enrollment countdown: Employers take a variety of approaches to health benefits education

As open enrollment for 2024 benefits approaches, employers are ramping up efforts to educate employees about key benefits, including health insurance. According to a new study by Optavise, a provider of benefits training, employers use a variety of tools to ensure employees understand and make smart choices about their health coverage options.

‘Back to school’ may mean employees need time off

Most employers are flexible about granting school-related leave, but just how far they’ll bend depends on whether employees are nonexempt or exempt and state short-term leave laws.

Retirement plan fiduciaries to pay more than $124 million for mismanaging profit sharing

Fiduciaries of a retirement plan sponsored by an IT outsourcing firm—including the plan’s investment advisors—will pay more than $124.6 million to resolve violations of federal law related to their failure to properly manage the profit-sharing portion of the plan.